SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest Event Reported): August 25, 1999
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MERRILL LYNCH MORTGAGE INVESTORS, INC.
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(Exact name of registrant as specified in its charter)
Delaware 333-39127 13-5674085
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
250 Vesey Street
World Financial Center, North Tower
New York, New York 10281
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code: (212) 449-1000
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Not Applicable
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(Former name or former address, if changed since last report)
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
19.1 Servicing Certificate for the Providian Home Equity
Loan Asset Backed Certificates, Series 1999-PNB1 (the
"Certificates"), for the August 1999 distribution to
holders of the Certificates.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
MERRILL LYNCH MORTGAGE INVESTORS, INC.
By: /s/ Peter Cerwin
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Name: Peter Cerwin
Title: Vice President
Dated: September 14, 1999
EXHIBIT INDEX
Exhibit No. Page
19.1 Servicing Certificate for the Providian Home Equity Loan Asset
Backed Certificates, Series 1999-PNB1 (the "Certificates"), for
the August 1999 distribution to holders of the Certificates. 5
SERVICING CERTIFICATE
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PROVIDIAN HOME EQUITY LOAN TRUST 1999-1
CUSIP # 74407XAA9
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Under sections 4.01 and 5.03 of the Pooling and Servicing Agreement dated
as of April 1, 1999 by and between Providian National Bank, as Transferor and
Servicer, Merrill Lynch Mortgage Investors, Inc., as Depositor, and Bankers
Trust Company, as Trustee (hereinafter as such agreement may have been, or may
from time to time be, amended, supplemented or otherwise modified, the "Pooling
and Servicing Agreement"), Providian National Bank, as the Servicer, is required
to prepare certain information each month regarding current receipts and
distributions on the Providian Home Loan Asset-Backed Certificates, Series
1999-PNB1 (the "Certificates") and the performance of the Providian Home Equity
Loan Trust 1999-1 (the "Trust") during the related Collection Period. The
information that is required to be prepared with respect to the distribution to
Holders (the "Certificateholders") of the Certificates, on August 25, 1999 (the
"Distribution Date") and the performance of the Trust during the month of July
1999 (the "Collection Period") is set forth under "D" below.
A. Capitalized terms used and not otherwise defined herein have the
meanings assigned them in the Pooling and Servicing Agreement referred to above.
References herein to certain subsections are references to the respective
subsections of the Pooling and Servicing Agreement.
B. The Servicer is the Servicer under the Pooling and Servicing Agreement.
C. The undersigned is a Servicing Officer.
D. 1. Collections received during the Collection Period for:
(a) Interest 6,352,881.62
(b) Principal 25,026,827.99
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Total Collections 31,379,709.61
2. Insurance Proceeds received during the Collection
Period 0.00
3. Net Liquidation Proceeds received during the
Collection Period 0.00
4. Transfer Deposit Amount paid by the Transferor
pursuant to Section 2.02, 2.04, or 3.01 0.00
5. Floating Allocation Percentage 82.91%
6. Fixed Allocation Percentage 98.00%
7. Certificate Interest Collections
(other than any investment earnings)
for such Distribution Date 5,267,158.19
Investment earnings on the Collection Account 26,762.96
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Total Certificate Interest Collections 5,293,921.15
8. Transferor Interest Collections 1,085,723.43
Transferor Principal Collections 25,026,827.99
9. Accelerated Principal Distribution Amount 2,250,497.47
10. Scheduled Principal Collections Payment 0.00
11. Liquidation Loss Amounts 545,340.11
Investor Loss Amount 452,140.12
12. Cumulative amount of Liquidation Loss Amounts
for such Distribution Date and all prior
Distribution Dates 730,699.81
Cumulative amount of Investor Loss Amounts for
such Distribution Date and all prior Distribution
Dates 600,650.62
Aggregate Investor Loss Amount 0.00
13. Total amount distributed to Certificateholders 4,506,963.75
14. Amount of interest included in such
distribution 2,256,466.28
The related Certificate Rate or, if
applicable, the Alternate Certificate Rate 5.466250%
15. Amount, if any, of overdue interest included in
such distribution 0.00
16. Remaining overdue interest on the Certificates after
giving effect to such distribution 0.00
17. Amount, if any, of Unpaid Investor Loss Amount
included in such distribution 0.00
18. Amount, if any, of Unpaid Investor Loss Amount
after giving effect to such distribution 0.00
19. Invested Amount 500,000,000.00
Certificate Principal Balance 493,109,124.70
Pool Factor, each after giving effect
to such distribution 0.98621825
20. Required Enhancement Amount 39,448,729.98
21. Transferor Subordinated Amount after
giving effect to such distribution 10,000,000.00
22. Required Overcollateralization Amount 29,448,729.98
23. Amount, if any, by which the Invested Amount
exceeds the Certificate Principal Balance
(before giving effect to such distribution) 4,640,377.83
24. Amount, if any, by which the Invested Amount exceeds
the Certificate Principal Balance (after giving
effect to such distribution) 6,890,875.30
25. Pool Balance as of the end of the preceding
Collection Period 581,494,290.00
26. Transferor's Interest Balance (based on the
Pool Balance as of the end of the preceding
Collection Period) after giving effect to such
distribution 81,494,290.00
27. Aggregate amount of Additional Balances
created during the preceding Collection Period 4,001,068.10
28. During the Revolving Period, the amount of
Principal Collections and principal payment
to be retained by the Transferor in respect of
such Distribution Date 25,026,827.99
29. Whether a Rapid Amortization Event has
occurred since the prior Determination Date,
specifying each such Rapid Amortization Event
if one has occurred None
30. Whether a Servicer Default has occurred
since the prior Determination Date,
specifying each such Servicer Default if
one has occurred None
31. Guaranteed Distributions 0.00
Preference Amount 0.00
32. Reimbursement Amount 0.00
33. Amount to be distributed to or at the direction of
the owner of the Transferor's Interest pursuant to
Section 6.01(a)(viii) 0.00
34. Servicing Fee 270,833.33
35. Number of accounts and aggregate outstanding
balances of Home Equity Loans, delinquent the
following number of days, as of the
end of the related Collection Period:
Number of Accounts Aggregate Outstanding Balance
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30-59 days 194 6,259,153
60-89 days 84 2,810,463
90+ days 88 3,426,428
36. Aggregate book value, as of the end of the
related Collection Period, of any Mortgaged
Property that was acquired by the Trust
through foreclosure or deed in lieu of
foreclosure during the preceding Collection Period 0.00
37. Aggregate Principal Balance of Subsequent
Home Equity Loans purchased during the
related Collection Period 0.00
38. Number of accounts and aggregate Principal
Balance of Home Equity Loans removed from
the Trust and transferred to the Transferor
on the related Removal Date 0.00
Cumulative number and aggregate Principal Balance
of all Home Equity Loans that have been retransferred
on such Removal Date and all prior Removal Dates 0.00
39. Draw Amount 0.00
40. Amount distributed to Certificateholders 4,506,963.75
(per $1,000 Original Principal Amount) 9.01
41. Amount of interest included in such
distribution 2,256,466.28
The related Certificate Rate or, if
applicable, the Alternate Certificate Rate 5.466250%
(per $1,000 Original Principal Amount) 4.51
42. Amount, if any, of overdue interest included in
such distribution 0.00
(per $1,000 Original Principal Amount) 0.00
43. Remaining overdue interest on the Certificates after
giving effect to such distribution 0.00
(per $1,000 Original Principal Amount) 0.00
44. Amount, if any, of principal included in such
distribution 2,250,497.47
(per $1,000 Original Principal Amount) 4.50
45. Amount, if any, of Unpaid Investor Loss Amount
included in such distribution 0.00
(per $1,000 Original Principal Amount) 0.00
46. Amount, if any, of Unpaid Investor Loss Amount
after giving effect to such distribution 0.00
(per $1,000 Original Principal Amount) 0.00
IN WITNESS WHEREOF, the undersigned has caused this Certificate to be duly
executed this 19th day of August 1999.
PROVIDIAN NATIONAL BANK
as Servicer
By: /s/ Gwinneth Berexa
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Gwinneth Berexa
Vice President, Securitization
